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Australia’s Performance of Manufacturing Index (PMI) jumped up to 63.1 in March, surpassing the previous record of 62.1 (set in May 2002) and marking the highest rate of expansion since records began. The Australian Industry Group’s (Ai Group) said in the release of its latest PMI. A reading above 50 signals that activity is increasing while a reading below 50 suggests a reduction.
The February reading of 57.5 was the 17th consecutive month of 50-plus results and the best unbroken growth spurt since 2005. The trend (3 month average) shows five years of strong growth from a low of 43 points in February 2013. Production was reported at 61.9 and new orders at 55.4 in February. “March marked an eighteenth month of expanding or stable conditions for the Australian PMI, the longest run of continuous expansion since 2005,” the Ai Group said in its release of Performance of Manufacturing Index (PMI).
The Ai Group reported “Participants indicated improved exports to the United States and Asia in February.”
This expansion was uniform across all manufacturing sub-sectors, with all seven activity sub-indexes expanding in March, with the new orders, employment and delivery sub-indexes all placing record highs.
The Ai Group has also reported that manufacturers are recruiting new staff and finding that skilled workers are not as readily available as in past months. The Ai Group reported “Labour and skill shortages are arising as issues for more manufacturers in 2018.”
Brent Balinski in Australian Manufacturing Forum noted that “Some participants reported increased reliance on overtime to cover higher than usual activity over recent months.”
Read more on the labour shortage issue at: https://www.businessinsider.com.au/pay-rise-skill-shortage-australia-manufacturing-pmi-2018-3#MI47j9sp5Xz1rOjq.99
This is a national survey of all sectors of manufacturing and EIDA wants to know if these results are also found in the South Australian electronics industry. Please comment on your observations at: info@eida.asn.au
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